GMS 200 Chapter 9: Chapter 9.docx
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GMS 200 Full Course Notes
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Document Summary
Competitive advantage operating with an attribute or set of attributes that allows an organization to outperform its rivals. Sustainable competitive advantage one that is difficult for competitors to imitate. Strategy a comprehensive action plan that identifies long-term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage. Strategic intent focusing all organizational energies on a unifying and compelling goal. Strategic management the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage. Goal of strategic management is to create above-average returns for investors. Returns exceeding those for alternative opportunities at equivalent risk. Earning above-average returns depends in part on the organization"s competitive environment. Few players not directly competing against each other. Long-term competitive advantage in defined market segment. Several players directly competing against each other. Involves assessing existing strategies, organization, and environment to develop new strategies and strategic plans capable of delivering future competitive advantage.